Latvian insurance companies generated EUR 9.33 million in aggregate 3Q2018 profit, down by 28.5% y-o-y from EUR 13.05 million a year ago, the quarterly figures published by FKTK (Financial and Capital Market Commission) showed.

Non-life insurers closed the first nine months of 2018 with EUR 10.85 million in aggregate profit, vs. EUR 11.78 million from the first nine months of 2017, and life insurers posted a loss of EUR -1.52 million in contrast of a profit of EUR 1.22 million made a year ago.

The Latvian insurance market totaled EUR 567.75 million at the end of September 2018, with an 17.64% increase y-o-y. At the same time, insurance companies paid EUR 298.28 million in claims (13.79% more y-o-y). About 66% of the total GWP were written by local insurers (EUR 372.51 million), the rest were written by branches of EU insurers (EUR 195.24 million, or 34% of total GWP).

In terms of premiums, significant growth rates were observed in almost all major types of insurance - health (+15.03%), life (+9.85%), MTPL (+42.12%), and MoD (+21.12%), as the published statistics revealed.

At the end of September 2018, there were four non-life and two life insurance companies in Latvia, as well as seven branches of foreign non-life insurance companies and four branches of foreign life insurance companies.

Of all six life insurers, the market leader in terms of GWP was a branch of the foreign insurer, ERGO Life Insurance SE Latvijas filiale (GWP of EUR 28.7 million, 28.8% market share), while the market leader in non-life was the domestic insurer BTA Baltic Insurance Company - GWP of EUR 156.65 million / 34.48% market share.

Data collected by the Latvian Motor Insurers' Bureau (LTAB) shows that the 9 MTPL insurers from Latvia earned EUR 3.61 million revenues from this business line. It is the first time in the past 10 years when Latvian MTPL insurers profited from this type of business line.

BMW, Audi and Toyota are the brands most targeted by the car thieves in Latvia, as well as seven to 12 years old automobiles, a representative of BALTA Insurance - member of the PZU Group, stated for the LETA news agency.

SEB - one of the largest life insurers in Baltic region announced is planning to merge its units in the Baltic States, "into one legal entity to further improve our operational efficiency and deliver improved customer services. The merger will not affect our services to the customers".

SkandinaviskaEnskildaBanken AB (SEB) will merge its Baltic life insurance operations into one company, headquartered in Riga, reports The Baltic Course. Simplification of the operation model and improve services and solutions are the main reasons of the merger.

Latvian insurers generated EUR 2.69 million in first quarter net profit, which is more than double compared with the Q1 2017 net profit of EUR 1.13 million, according to the figures released by the Financial and Capital Market Commission (FKTK).

Latvian insurers' aggregate loss from mandatory MTPL insurance was EUR 120,000 in 1Q2018, down from EUR 4.05 million in the same period last year, reports LETA, according to information released by the Motor Insurers' Bureau of Latvia (LTAB).

According to the year-end market figures published by FKTK (the Financial and Capital Market Commission), the Latvian insurance market totaled EUR 646 million at the end of December 2017, up by 21.4% y-o-y.

The mandatory MTPL insurance line will probably remain unprofitable in Latvia also in 2018 despite the tariffs going up by a significant amount, Latvian Insurers Association's President Janis ABASINS believes, quoted by LETA.

On April 1, 2019, Alexander ZARETSKI will step down from his presidency of METLIFE. According to the Company's Board of Directors, this decision was made for personal reasons. Gheorghe DIMITRU will take over as president, ASN wrote.

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